Former TCI co-founder Patrick Degorce has produced a strong start with his new Theleme Partners firm – with assets in the global long/short equity fund heading towards the soft-close level of $1.2 billion and with performance so far also bang in line with target after 15 months.
The Theleme fund has a permanent hard-cap level for external capital of $2 billion and assets are already at around $900 million. The firm’s principals expect to soft-close in the next quarter – and the remaining $800 million of capacity will then be reserved solely for existing investors to scale up their commitments.
Performance has been sure-footed in a very volatile global equity environment – with the fund annualising at around 15% since its inception in December 2009, in line with its long-term target of 15% net annual returns, earning a EuroHedge Award nomination for its performance in 2010.
Much of the money...